TOPSPORTS Faces Short-Term Setback as Nike Ends Mainland China Online Sales From 1 Jan 2027

Bulletin Express07-22

• Topsports International Holdings Limited (TOPSPORTS) confirmed that it received formal notice from Nike on 21 July 2026, after market close, stating that all online sales of Nike products conducted by the Group in mainland China will cease effective 1 January 2027.

• Online sales of Nike merchandise represented about 22% of TOPSPORTS’ total revenue for the financial year ended 28 February 2026. The Board forecasts a “significant” short-term negative impact on the Group’s business once the termination takes effect.

• Despite the online exit, TOPSPORTS intends to maintain and develop its offline retail collaboration with Nike “on a mutually beneficial basis,” according to the announcement.

• The company advises shareholders and potential investors to exercise caution when dealing in its securities.

• The notice follows a prior announcement dated 25 June 2026 concerning discussions between the two parties.

• Governance update: as of the announcement date, TOPSPORTS’ Board comprises two executive directors, three non-executive directors and three independent non-executive directors, led by Chairman and CEO Yu Wu.

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